What is the global market size of Hospital Security Systems Market?

Global Hospital Security Systems Market size was valued at USD 98 billion in 2021 and is poised to grow from USD 115 billion in 2022 to USD 405.6 billion by 2030, growing at a CAGR of 17.4% in the forecast period (2023-2030).

Global Hospital Security Systems Market Size, Share, Growth Analysis, By Product(Access Control Systems (Smart Cards, Readers), By Service(System Design, Installation), By Surveillance System(Video Surveillance, Surveillance Cameras), By Application(Surgical Equipment, Medical Devices), By End-User(Hospital, Clinics) - Industry Forecast 2024-2031

Report ID: SQSG20O2002 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 160 | Figures: 78

Global Hospital Security Systems Market Regional Insights

North America dominates more than one-third of the hospital security systems industry. In this area, the revenue for the hospital security systems market is significant. The United States is the region's largest contributor, with top leaders. The presence of significant players and the rising use of security in healthcare organisations are the primary contributors to market growth. The industry is being fuelled by increased expenditure in security and technological progress. Furthermore, market expansion is attributed to better healthcare infrastructure. In addition, the release of novel devices to protect data in the healthcare business is adding to market growth.

Due to rising internet use and penetration in the healthcare industry, the market for hospital security in Asia Pacific is expected to grow at a profitable CAGR of 20.1% over the forecast period. Furthermore, the growing digitization and acceptance of Electronic Health Records (EHRs), wireless medical devices, and telemedicine is driving market expansion. Furthermore, rising cyber-attacks in the area will drive market expansion throughout the projection period. For instance, in February 2021 Trend Micro, a Japanese multinational cyber security software business, unveiled its Trend Micro Vision One enhanced detection and response platform.

Global Hospital Security Systems Market Report Snapshots

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Global Hospital Security Systems Market size was valued at USD 98 billion in 2019 and is poised to grow from USD 115 billion in 2023 to USD 405.6 billion by 2031, growing at a CAGR of 17.4% in the forecast period (2024-2031).

Key companies are investing in research and development to launch advanced sensors with specialised features for a wide range of blockchain Service. Furthermore, to strengthen their market position, most well-established companies in the Hospital Security Systems market are focusing their efforts on acquiring new start-ups. The top players are currently focusing on increasing their technological capacity while also expanding their geographical boundaries. Players are constantly investing in the development of sophisticated technology products to acquire a competitive advantage over others in the market, which is projected to fuel the growth of the healthcare cyber security market. For instance, in November 2021, IBM announced the acquisition of ReaQta, a Dutch cyber security threat detection and response business, to expand its cyber security and response capabilities. 'Johnson Controls International PLC', 'Honeywell International Inc.', 'Siemens AG', 'Bosch Security Systems', 'ADT Inc.', 'Axis Communications AB', 'Stanley Black & Decker, Inc.', 'Hikvision Digital Technology Co., Ltd.', 'Allied Universal Corporation', 'G4S plc', 'Tyco Integrated Security LLC', 'Schneider Electric SE ', 'Securitas AB', 'Avigilon Corporation ', 'Nedap N.V.', 'Pelco, Inc.', 'Salient Systems Corporation', 'FLIR Systems, Inc.', 'Genetec Inc.', 'Verint Systems Inc.'

An Increase in Cyber-Attacks and Regulatory Policies

The growing number of data breaches in the business fuels the market for hospital security. According to IBM's Cost of a Data Breach Report issued in 2021, the average cost of data breaches in the healthcare industry in 2021 was USD 9.23 million. In addition, the Secretary of the United States Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information List listed approximately 592 breaches of unsecured protected patient data that affected more than 500 individuals in the previous two years and are being investigated by the Office for Civil Rights.

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Global Hospital Security Systems Market Regional Insights

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